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Answers (28)
Best Answer
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
It's required. Now an appraiser has to take photos of all rooms. Sketches are required for the home's layout and square footage.
Happy funding, Rudi
Happy funding, Rudi
- Hamp Yonce, "Zilluminati"
- Contributions:3463
As I said, bafflingly paranoid. Pasa, did any of those places that made you leave your camera at the door, request that you be there to assign your opinion of value to their property, and all of its improvements, in support of their request for a large loan? ......I didn't think so.
The question is goofy at best, and stupid at worst. Good thing we're here though. I don't know what the world did without us, before this stupid forum.
I think I would have taken pictures of the stranger in my house that was taking all those suspicious pictures, so I would have pictures of the crook bastrad, just in case I needed them. I would have photographed his biz card, his car, and his pocket license too. I would make copies and put in my safe deposit box along with instructions for the special victims squad, just in case.
The question is goofy at best, and stupid at worst. Good thing we're here though. I don't know what the world did without us, before this stupid forum.
I think I would have taken pictures of the stranger in my house that was taking all those suspicious pictures, so I would have pictures of the crook bastrad, just in case I needed them. I would have photographed his biz card, his car, and his pocket license too. I would make copies and put in my safe deposit box along with instructions for the special victims squad, just in case.
"What would the ulterior motive of the appraiser be, for doing extra work, at extra expense?"
Maybe the appraiser secretly photographed pictures of the underwear drawer, then runs around with the digital prints on his head. You could not get away with that in the old days, the dude at Walgreens would want to know what the deal is with the panties.
... or so I have heard...
Maybe the appraiser secretly photographed pictures of the underwear drawer, then runs around with the digital prints on his head. You could not get away with that in the old days, the dude at Walgreens would want to know what the deal is with the panties.
... or so I have heard...
- Pasadenan
- Contributions:21447
I could think of two reasons to not have strangers photograph the interior of a house not on the market:
1) Future intended burglary when the owner is not present.
2) Future break ins for sexual assault.
If one doesn't know it is "standard procedure", and if one has no clue who the party is that the lender is sending out, a business card is not sufficient. Anyone can have business cards printed, and they don't have to be for a job they are qualified for. And just because someone works in a given industry doesn't mean that all people in that industry are honest.
As they say, it is best to err on the side of caution until one can verify the details. If a report needed to be filed, it is better to find out and do it early than to wait until their is a real problem.
And there are many places I go in where I'm not allowed to bring in a camera due to security risk concerns. Even all cell phones have to be left in the building lobbies for security protection. They are very concerned that it only takes one person to send confidential information observed out of the facility to cause a substantial security breach.
1) Future intended burglary when the owner is not present.
2) Future break ins for sexual assault.
If one doesn't know it is "standard procedure", and if one has no clue who the party is that the lender is sending out, a business card is not sufficient. Anyone can have business cards printed, and they don't have to be for a job they are qualified for. And just because someone works in a given industry doesn't mean that all people in that industry are honest.
As they say, it is best to err on the side of caution until one can verify the details. If a report needed to be filed, it is better to find out and do it early than to wait until their is a real problem.
And there are many places I go in where I'm not allowed to bring in a camera due to security risk concerns. Even all cell phones have to be left in the building lobbies for security protection. They are very concerned that it only takes one person to send confidential information observed out of the facility to cause a substantial security breach.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I would love to have some further discussion of the suspected rat from the OP. Does the OP suspect that the appraiser would expose hygiene issues to the HOA? Sell the photos to the National Enquirer? What would the ulterior motive of the appraiser be, for doing extra work, at extra expense? I find the question bafflingly paranoid.
- Pasadenan
- Contributions:21447
I was present for 3 appraisals recently; all 3 had photos taken of each room... but I don't remember any heaters, water heaters, air conditioning, or other appliances and equipment being check for whether they worked.
(The purpose was for tax accounting and estate planning issues and had nothing to do with loans as no loans are needed).
Sure, the report is "long", but only the page with the numbers on it was really relevant; and the rest is just "back up" material in case there is an audit or something. Sure, one would glance at the methodology page... but unless it is out of line or questionable procedure, it doesn't make that much difference.
Besides, most of the report is plain "boiler plate" with just a few "fill in the blanks" and drop in some photos. So the only "cost" for the extra pages is the paper and the toner.
(A 4th appraisal did have to be redone due to questionable methods for the specific property).
(The purpose was for tax accounting and estate planning issues and had nothing to do with loans as no loans are needed).
Sure, the report is "long", but only the page with the numbers on it was really relevant; and the rest is just "back up" material in case there is an audit or something. Sure, one would glance at the methodology page... but unless it is out of line or questionable procedure, it doesn't make that much difference.
Besides, most of the report is plain "boiler plate" with just a few "fill in the blanks" and drop in some photos. So the only "cost" for the extra pages is the paper and the toner.
(A 4th appraisal did have to be redone due to questionable methods for the specific property).
- ConnieK_Oklahoma
- Contributions:2896
they key thing to remember is that the appraisal is really for the bank, not the buyer. depending on the type of loan there might be more or less requirements, in a conventional loan where the buyer has a huge downpayment and excellent reserves, credit ratio- the appraiser might not need to check as much as a FHA loan and certainly not as much as a VA loan. even when the appraiser takes a photo if they failed to document something- such as "the heater worked" (even though it was a 105 degree day when the appraiser was there) the underwriter might send them back out to verify that at before the loan will go through.
no rat.-banks just have their requirements- some make sense, some seem goofy.
- Andrew Adams, "203K Specialist"
- Contributions:9349
- Pasadenan
- Contributions:21447
5 minutes of photo review to save 20 minutes of unnecessary phone calls is a cost savings, not a cost increase.
Those that don't adapt to the efficiencies of newer technologies just lose market share. I've seen that many times over in my industry.
Beside, if a lender had to foreclose, the documentation would make it much easier to tell if the owner sabotaged/vandalized the house, creating additional liability where it may not have existed otherwise.
Those that don't adapt to the efficiencies of newer technologies just lose market share. I've seen that many times over in my industry.
Beside, if a lender had to foreclose, the documentation would make it much easier to tell if the owner sabotaged/vandalized the house, creating additional liability where it may not have existed otherwise.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Pasa,
When lenders take longer to process the same number of loans the cost per loan increases...Additional appraisal regs...additional disclosures and waiting periods take time and increase costs. Think what you want 5 minutes is an additional 50 man hours/month. It' s an additional 1/4 of a work week. Of all people with an analytical mind I can't believe you don't see how all the changes are costing consumers more!
When lenders take longer to process the same number of loans the cost per loan increases...Additional appraisal regs...additional disclosures and waiting periods take time and increase costs. Think what you want 5 minutes is an additional 50 man hours/month. It' s an additional 1/4 of a work week. Of all people with an analytical mind I can't believe you don't see how all the changes are costing consumers more!
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
@ Clay
The client has artwork on all rooms that she did not want public. I offered to BLUR out the paintings, but she just said no. She said no interior pix or no loan. Underwriter said 'fine' and I appraised the home as it was - in good condition. The home was in Beverly Hills. I believe the loan was funded. But this DID happen pre-2006. Im not sure if this would fly today.
I appraise my share of celebrity homes and no one really cares. People usually 'lock' any bedrooms they dont want shown, but generally people NEED the loan so they will go the extra effort to show off their home. Though they usually DONT want photos of their gun lockers taken....
The client has artwork on all rooms that she did not want public. I offered to BLUR out the paintings, but she just said no. She said no interior pix or no loan. Underwriter said 'fine' and I appraised the home as it was - in good condition. The home was in Beverly Hills. I believe the loan was funded. But this DID happen pre-2006. Im not sure if this would fly today.
I appraise my share of celebrity homes and no one really cares. People usually 'lock' any bedrooms they dont want shown, but generally people NEED the loan so they will go the extra effort to show off their home. Though they usually DONT want photos of their gun lockers taken....
- Pasadenan
- Contributions:21447
I don't believe the underwriter takes "more time" to review the photos, but probably actually "less time" as the photos answer the questions that they otherwise would have been searching the text for, or would have been sending back for more info...
People are designed very visually oriented, and can process visual information much faster than most other information formats.
Besides, almost no-one bills in 5 minute increments, so there is not increased costs.
People are designed very visually oriented, and can process visual information much faster than most other information formats.
Besides, almost no-one bills in 5 minute increments, so there is not increased costs.
- Andrew Adams, "203K Specialist"
- Contributions:9349
@ Pasa,
Is it a big deal on an individual appraisal no. Extra 5-10 minutes an appraisal for the the appraiser then the appraisal has to be reviewed by an underwriter...they actually do look at the photos. Figure an extra 10 minutes a transaction.
We funded close to 600 transactions this month at an extra 5-10 minutes a loan.
600*5 minutes = an additional 3000-6000 minutes per transaction.
That is an extra 50-100 hours per month...Who ends up paying for those man hours?
Doesn't seem like much but it adds up. Banks will not reduce the profit margin..they will charge more and pass it on to the consumer.
Is it a big deal on an individual appraisal no. Extra 5-10 minutes an appraisal for the the appraiser then the appraisal has to be reviewed by an underwriter...they actually do look at the photos. Figure an extra 10 minutes a transaction.
We funded close to 600 transactions this month at an extra 5-10 minutes a loan.
600*5 minutes = an additional 3000-6000 minutes per transaction.
That is an extra 50-100 hours per month...Who ends up paying for those man hours?
Doesn't seem like much but it adds up. Banks will not reduce the profit margin..they will charge more and pass it on to the consumer.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Vince, I am curious. Did you go inside of the home where they requested no interior photos and if so, just the initial room or through the whole house?
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
FYI - I believe lenders can NOT require interior pictures due to privacy concerns(of course lenders are NOT required to lend you money, either). I had one appraisal where the client asked for no interior photos be taken, and the appraisal was send in. Not sure if it was ever funded...
- hpvanc
- Contributions:2569
Wouldn't you need video of the toilet flushing to prove it is a working bathroom. I can place bathroom fixtures in a room, but not actually hook them up to plumbing and have what appears to be in a photo a working bathroom. Have the underwriters never been to a plumbing showroom?
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
Its normal, I think its a good thing, having a record of each room, right down to the throne room-lol
- Pasadenan
- Contributions:21447
Expensive and time consuming?
What is the "expense" of 20 digital pictures? What is so time consuming about pushing the shutter button about 20 times? The appraiser has to walk to each room anyway, it only take a few minutes to walk to each, and the photo helps to refresh ones memory when writing up the report.
I see absolutely no down-side of an appraiser taking photos! And since the typical Realtor photos are lousy, perhaps one can hire the appraiser first, and use the appraisal photos for the listing instead of lousy Realtor photos?
What is the "expense" of 20 digital pictures? What is so time consuming about pushing the shutter button about 20 times? The appraiser has to walk to each room anyway, it only take a few minutes to walk to each, and the photo helps to refresh ones memory when writing up the report.
I see absolutely no down-side of an appraiser taking photos! And since the typical Realtor photos are lousy, perhaps one can hire the appraiser first, and use the appraisal photos for the listing instead of lousy Realtor photos?
- Andrew Adams, "203K Specialist"
- Contributions:9349
Too many loans closed that didn't have functioning bathrooms or kitchens...instead of going after the appraisers that committed fraud they have made it more expensive and time consuming for all!
- sunnyview
- Contributions:25127
"The big thing now is that we have to take a photo of every BATHROOM. WHY?!? Who knows..."
You seriously have to take photos of every bathroom? Someone connected with the regulation of appraisals is obviously is doing a bathroom book full of photos of bathrooms. I bet it's a Martha Stewart scheme. Her stuffed cupcakes are just too good. The woman is obviously hiding something.
You seriously have to take photos of every bathroom? Someone connected with the regulation of appraisals is obviously is doing a bathroom book full of photos of bathrooms. I bet it's a Martha Stewart scheme. Her stuffed cupcakes are just too good. The woman is obviously hiding something.
- Clay Branch, "Georgia Loans"
- Contributions:7835
It's normal and serves to confirm the room count, plus will show if someone is in the process of an undisclosed renovation. Her loan officer should have told her to expect that so she could clean up if needed. A messy house would not affect the value but just looks better.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Its standard now, and guess what, if we dont, we have to go back out and take them, or your loan does not fund. Fun stuff. The big thing now is that we have to take a photo of every BATHROOM. WHY?!? Who knows...
- Isabel Lopez, Tahs, "Isabel Lopez"
- Contributions:3
That's the standard nowadays.
- Susan Brock, "Brock and Foster"
- Contributions:24
I bet your daughter is getting a fabulous rate - very smart on her part to refinance right now, with rates in the low 4% range!
It is common practice for appraisers to take photographs of the subject property. It not only helps them remember the details of the finish of the house, they also use them to help convey value to their client, the lender.
Most real estate professionals are having to take extra steps in our work now due to the mortgage fallout from a few years ago. The landscape has changed drastically as lenders try to protect and secure their interests against loss.
It is common practice for appraisers to take photographs of the subject property. It not only helps them remember the details of the finish of the house, they also use them to help convey value to their client, the lender.
Most real estate professionals are having to take extra steps in our work now due to the mortgage fallout from a few years ago. The landscape has changed drastically as lenders try to protect and secure their interests against loss.
- HomeSand.net, "White Picture"
- Contributions:4391
It is normal of the appraiser's job, there is no other agenda.
- wetdawgs
- Contributions:26789
welcome to the modern age! The last two appraisals I've had included digital photos throughout.
Appraisal by Camera???
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